The software fixes several bugs including an issue that could cause blank or frozen video during FaceTime calls and a bug that prevented some international users from connecting to 3G networks on the Pad.

Strangely it seems to point to the iPad Wi-Fi as also being affected by this bug although it does not contain a 3G radio. It’s possible that the issue prevented some users from tethering their iPads to devices running on 3G networks like the iPhone 4.

They have also included the security updates which are detailed at Apples site here. These security updates seem to be aimed at, among other things, patching the vulnerability that allowed for the untethered Jailbreak of iPhone iOS 4.3.1 as noted by Musclenerd, a member of the prominent hacking group iPhone Dev Team.

Update: The iOS 4.2.7 software for Verizon iPhone 4’s only can be downloaded below.